Senate’s Stablecoin Regulation Bill Advances to Final Vote After 68-30 Procedural Approval

In a major step toward formalizing cryptocurrency regulation in the United States, the Senate on Wednesday approved a key procedural motion to advance a bill that would regulate stablecoins. The vote, which passed 68 to 30, signals broad bipartisan support for the legislation and clears the way for a final vote in the coming days. 

If passed, the bill—formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act or GENIUS Act—would become one of the first comprehensive federal laws governing stablecoin activity in the country.

The legislation focuses specifically on stablecoins, a type of digital asset designed to maintain a fixed value, usually by being backed by reserves such as U.S. dollars or other liquid assets. 

Unlike more volatile cryptocurrencies like Bitcoin, stablecoins are meant to offer price stability, making them more suitable for everyday transactions and cross-border payments. The Senate vote on stablecoin regulation marks a significant moment in the ongoing efforts to bring more clarity and oversight to digital assets.

What the Senate Stablecoin Bill Proposes

The GENIUS Act outlines a series of regulatory requirements for stablecoin issuers. These include:

• Full backing of stablecoins by U.S. dollars or similar liquid assets

• Mandatory annual audits for stablecoin issuers with over $50 billion in market capitalization

• Oversight of foreign stablecoin issuers operating in the U.S. market

Supporters argue that the bill will protect consumers, promote responsible innovation in financial technology, and ensure that stablecoin law in the U.S. keeps pace with developments in the global digital asset industry.

Read also: South Korea New Bill: Can Companies Make Their Own Stablecoins Now?

Bipartisan Support and Political Divides

While the procedural vote received support from 18 Democrats, some prominent Democratic lawmakers opposed the measure. Senators Rand Paul (R-KY) and Josh Hawley (R-MO) were among the few Republicans who voted against it. 

The split reveals a deeper debate about how cryptocurrency—and particularly stablecoins—should be integrated into the broader financial system.

Senate Majority Leader John Thune (R-SD) described the bill as a turning point in making cryptocurrency a mainstream financial tool. 

“The GENIUS Act will help us bring clarity to the crypto space, while also protecting the strength of the dollar,” Thune said. “There’s still more work to be done, but this bill is a significant step forward.”

Concerns Raised by Opponents

Despite its progress, the bill has faced criticism from several senators who fear it could open doors to financial misconduct. Senator Elizabeth Warren (D-MA) voiced strong opposition, warning that the bill could weaken regulators’ oversight abilities and allow risky financial activities by stablecoin issuers.

According to Warren, “This bill would make it easier for bad actors to access U.S. financial markets, and in its current form, it threatens our financial system, our national security, and consumer protections.”

Other lawmakers also expressed concern about the lack of specific safeguards against conflicts of interest. Senator Jeff Merkley (D-OR) criticized the bill for not preventing elected officials from potentially profiting from stablecoin activities. 

“Where are those guardrails?” he asked. “They’re completely absent from this bill.”

Read also: Plasma Public Token Launch Raises $500M in XPL Token Sale

Trump’s Involvement in Crypto Sparks Debate

Former President Donald Trump’s growing involvement in the cryptocurrency space has further fueled political tensions around the bill. 

His family’s ventures—including the launch of a stablecoin by World Liberty Financial and plans for a large Bitcoin treasury by Trump Media—have raised concerns among some senators about potential conflicts of interest.

Senator Kirsten Gillibrand (D-NY) acknowledged these worries but stressed that they should not overshadow the legislative progress being made. 

“Yes, we should regulate those activities,” she said, “but that should not diminish the good work this bill achieves in providing a framework that protects consumers and supports financial innovation.”

What’s Next for the GENIUS Act?

Now that the procedural hurdle has been cleared, the Senate is expected to hold a final vote on the stablecoin bill vote next week. 

If passed, the measure will move to the House, where lawmakers have already advanced a broader bill for digital assets known as the CLARITY Act. If both chambers align, the legislation could be signed into law by President Trump.

Senator Bill Hagerty (R-TN), who sponsored the GENIUS Act, emphasized the urgency of passing the bill. “If we fail to act now, stablecoin innovation will happen elsewhere,” he warned. “We need to ensure that America leads in the next generation of financial technology.”

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Frequently Asked Questions (FAQ)

Q: What is the stablecoin Regulation Act? 

A: This is a bill that creates rules for certain stablecoins, specifically those tied to official currencies or digital values. It also gives the Hong Kong Monetary Authority (HKMA) the power to officially designate a stablecoin.

Q: What is the stablecoin Act 2025? 

A: This refers to a US bill, particularly the US Senate's GENIUS Act of 2025, which aims to set up rules for stablecoins. It covers who can issue them, how they can be redeemed, and how federal and state regulators will work together.

Q: What is the Genius Act bill? 

A: The Genius Act is a US Senate bill that will establish rules for stablecoins and clarify how US anti-money laundering laws apply to them. A stablecoin is a type of cryptocurrency designed to maintain a stable value by being linked to another asset.

Q: What is the regulatory risk with stablecoins? 

A: Stablecoins face risks such as technical problems, unclear information about their reserves, reliance on decentralized networks or other companies, and governance issues. Banks, because they are regulated, are expected to find and deal with these risks.